Car traders riding high in 10 year peak for new vehicles

Total of 464,824 cars were registered in March – up almost 18% on a year ago

Nearly 15,000 new cars a day took to the road last month as sales hit a 10-year high.

The 14 number plate change prompted a wave of buyers to order a new set of wheels.

A
total of 464,824 cars were registered in March – up almost 18% on a year ago, said the Society of Motor Manufacturers and Traders.

March is typically the biggest month in the year, accounting for almost a fifth of all sales.

SMMT
chief Mike Hawes said last month’s tally was “surprisingly strong”. He added: “Given the past six years of subdued economic performance across the UK, there is still a substantial margin of pent-up demand that is contributing to a strong new and used-car market.”

Demand has been boosted by cheap finance deals helped by record-low interest rates.

Meanwhile, lots of people who have pocketed a payment protection insurance refund have used the money
as a deposit for a new car.

Richard Lowe, head of retail and wholesale at Barclays, said: “We have seen yet another month of growth in new-car registrations, partly driven by the March plate change, but also helped by the continued availability of attractive manufacturer-funded finance deals.

“UK consumers appear to be changing the way they buy new cars, opting to look beyond the price
ticket on the windscreen in
favour of affordable monthly payments. While these tempting deals continue to be offered, demand is likely to continue to remain strong for some time.”

Car giant Ford celebrated its highest sales since 2008 last month.

The firm sold 63,149 motors in March, including 25,753 Ford Fiestas which retained its crown as Britain’s best-selling model.